Consumer Prices In Japan's Capital Rise Most Since 1982

Core consumer price inflation in Japan's capital hit the highest in 40 years in November on higher energy cost and weaker yen, data released by the Ministry of Internal Affairs and Communications showed on Friday.

Tokyo's core consumer price inflation that excludes fresh food rose to 3.6 percent in November from 3.4 percent in October. This was the highest since 1982 and above economists' forecast of 3.5 percent.

Overall consumer prices advanced 3.8 percent annually, faster than the 3.5 percent rise in October.

The upshot is that the 3.7 percent national headline reading in October is unlikely to have been the peak as suspected, and previously 3.5 percent average headline inflation forecast for this quarter is now untenable, Capital Economics' economist Darren Tay said.

Japan's consumer price inflation continues to stay above the central bank's target of 2 percent.

Elsewhere, data released by the Bank of Japan showed that services producer price inflation slowed to 1.8 percent in October from 2.1 percent a month ago. The rate was forecast to remain unchanged at 2.1 percent.

Month-on-month, the services PPI edged up 0.1 percent after rising 0.2 percent in September.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Precision care innovator GE HealthCare Technologies, Inc., recently spun-off from General Electric Co., reported on Monday that profit for the fourth quarter declined from last year, reflecting higher interest and other financial charges. The company also initiated adjusted earnings guidance for the full-year 2023. Japanese auto major Toyota Motor Corp. has retained its title as the world's top selling automaker in fiscal 2022 for the third straight year, by selling around 10.5 million vehicles. The global sales were nearly flat with last year amid solid demand centered around Asia, while global production grew with increased capacity and production optimization in North America and Asia. Dutch consumer electronics giant Philips Electronics NV reported Monday a loss in its fourth quarter, compared to prior year's profit, even as sales increased. The company further declared a dividend, and said its order book remains strong. Going ahead, the company projects comparable sales growth in fiscal 2023, 2025, and beyond.
Follow RTT